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Ascena Retail Group, Inc.

SIC 5600 · Retail-Apparel & Accessory Stores
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Ascena Retail Group, Inc.

CIK:0001498301|SEC Filings
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended
Oct. 31, 2020
Nov. 02, 2019
Income Statement [Abstract]    
Net sales $ 573.0 $ 1,060.5
Cost of goods sold (321.1) (434.4)
Gross margin 251.9 626.1
Other operating expenses:    
Buying, distribution and occupancy expenses (150.9) (214.4)
Selling, general and administrative expenses (229.0) (335.1)
Restructuring and other related charges [1],[2] (1.3) (3.8)
Depreciation and amortization expense (47.2) (66.3)
Total other operating expenses (428.4) (619.6)
Operating loss [1] (176.5) 6.5
Interest expense (8.1) (26.4)
Interest income and other income, net 0.3 1.5
Reorganization Items 177.4 0.0
Loss from continuing operations before (provision) benefit for income taxes and income from equity method investment (6.9) (18.4)
(Provision) benefit for income taxes from continuing operations (2.9) (2.2)
Income from equity method investment 7.2 19.0
Loss from continuing operations (2.6) (1.6)
(Loss) income from discontinued operations, net of taxes [3] 40.0 33.3
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [4] 38.9 0.0
Net income $ 76.3 $ 31.7
Net (loss) income per common share - basic:    
Continuing operations (in dollars per share) $ (0.26) $ (0.16)
Discontinued operations (in dollars per share) 7.82 3.35
Total net income per basic common share (in dollars per share) 7.56 3.19
Net (loss) income per common share - diluted:    
Continuing operations (in dollars per share) (0.26) (0.16)
Discontinued operations (in dollars per share) 7.82 3.35
Total net income per diluted common share (in dollars per share) $ 7.56 $ 3.19
Weighted average common shares outstanding:    
Basic (in shares) 10,088,000 9,939,000
Diluted (in shares) 10,088,000 9,939,000
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period   $ 0.4
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation $ 0.1  
[1] For the three months ended October 31, 2020 and November 2, 2019, respectively, the Dressbarn and Catherines businesses were classified as discontinued operations within the condensed consolidated financial statements. As a result, shared expenses of $26.5 million for the three months ended November 2, 2019, which were previously allocated to Dressbarn and Catherines have been reallocated to the remaining operating units.
[2] Restructuring and other related charges are as follows:
Three Months Ended
October 31,
2020		November 2,
2019
(millions)
Cash related charges (i):
  
   Severance and benefit costs:
 Premium Fashion$(0.9)$(0.4)
 Plus Fashion0.2 (0.3)
 Kids Fashion2.0 (0.1)
      Corporate(0.1)4.6 
Total severance and benefit costs1.2 3.8 
Professional fees and other related charges:
Corporate0.1 — 
Total professional fees and other related charges0.1 — 
Total cash related charges1.3 3.8 
Total restructuring and other related charges$1.3 $3.8 
(i) The charges incurred under the Company’s cost reduction initiatives are more fully described in Note 8.
[3] No taxes related to discontinued operations were recorded during the three months ended October 31, 2020. Income from discontinued operations is presented net of income tax expense of $0.4 million for the three months ended November 2, 2019.
[4] Gain on disposal of discontinued operation is presented net of income tax expense of $0.1 million for the three months ended October 31, 2020.